Uday Dave

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Thursday, 24 November 2016

It opened gap down and started trading in the range. It attempted to break out the range and BRN above but failed. Attempted a short trade here as BOF of BRN and Range High. It moved very well. In the afternoon there was a good BOF of PDL and LOD which again moved very well. At fag end it produced another good move after BOF of BRN.

Today the DP trading system was at its best producing good results at extremes. Are you benefiting from it or still not able to catch these wonderful moves? Please share.

8 comments:

You need to understand the context behind that trade and reading of price action. I discussed this trade live during mentoring program and this was the chart and views I shared, have a look,http://tinypic.com/r/e9j9mx/9

So this was the reason the BO was avoided and once it failed, we were ready to take the BOF trade.

I could take only 1st trade. you took. What made you to take 2nd and 3rd trade which were having sl 20 pts and more. and 3rd trade was near end of day where only 15min left and expecting big volatility due to expiry there.

Also Was there a trade above 11.32 For pp..consolidation and pp just below BRN.

As a trader, we need to adjust to volatility. When it is high, the SLs will be wide most of the time. So what best we can do is, reduce the position to adjust to SL. For example, if you trading with 2 lots, you can trade with only 1 during such situation. If you are trading 1 lot of future, you can go for option for that trade, which will allow you less SL. Another alternative is to try to enter as close as possible to SL.

Again for 3 pm trade, we need to adjust to what is happening. IF you closely look at last expiry day, you will realize the reason. The action happened after 3 pm. Here just took the chance even though it was after 3 pm, looking at the overall setup that emerged.

I have uploaded the image again. Have a look at it to get your answer regarding PP.

About me and this blog in brief

My name is Uday Dave. I am a full-time day trader, blogger and day trading educator. I mainly day trade Nifty, Bank Nifty, stocks and stock options and in the evening if I get time I trade MCX Crude Oil, Nickel and Silver using a 3-minute candlestick chart with Decision Point Trading System and price action trading methods. My only aim is to capture small moves, i.e. 20 to 25 points in Nifty and around 50 points in Bank Nifty daily.
I started this blog in year 2012 to record my trades, observations, experiences and to share them with other aspiring traders. I hope with all your support I will be able to continue to maintain this blog and improve further.